WellCare Announces Filing of Registration Statement for Follow-On Public Offering

Business Wire, Nov 22, 2004

TAMPA, Fla. -- WellCare Health Plans, Inc. (NYSE:WCG) announced today that it has filed a registration statement with the Securities and Exchange Commission for a follow-on public offering of 7,500,000 shares of its common stock through underwriters led by Morgan Stanley and co-managed by SG Cowen & Co., UBS Investment Bank and Wachovia Securities.

WellCare expects to offer 1,500,000 shares of common stock and the selling stockholders (as identified in the prospectus) expect to offer an additional 6,000,000 shares of common stock. In addition, one of the selling stockholders expects to grant the underwriters an option to purchase up to 1,125,000 additional shares to cover over-allotments, if any.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be a sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

When available, copies of the prospectus relating to the offering may be obtained from Morgan Stanley & Co., Incorporated, Prospectus Department, 1585 Broadway, New York, New York 10036-8200, telephone number 212-761-6775.

About WellCare Health Plans, Inc.

WellCare Health Plans, Inc. provides managed care services targeted exclusively to government-sponsored healthcare programs, focusing on Medicaid and Medicare. Headquartered in Tampa, Florida, WellCare serves approximately 734,000 members in Florida, New York, Illinois, Indiana, Connecticut and Louisiana.